Upon the release of Bingo.com’s third quarter results, Bingo.com’s CEO Tarrnie Williams was rather optimistic saying,
“The first phase of our revised business plan is now underway. Our costs have declined, our net loss has been reduced, and the purchase of the remaining 4% domain name payments for the Bingo.com URL has been completed. The second phase of our plan has also begun as we are preparing a new Bingo.com marketing campaign and working with Unibet to perfect the online bingo offering. The third and final phase of our plan will start in the first quarter of 2011 when we launch our media plan in markets targeted to provide Bingo.com with the best return on investment and the highest likelihood of helping the Company return to profitability.”
Returning to profitability seems like a dream situation given the fact that the company saw total revenue decreased to $97,509 for the quarter ended September 30, 2010, which constituted a whopping decrease of 93% from revenue of $1,436,296 for third quarter of 2009 and a decrease of 72% from revenue of $353,619 in the second quarter of 2010. In addition, gaming revenue decreased to $82,745, a decreased of 94% in the quarter ended September 30, 2010, compared Gaming Revenue of $1,383,534 in the third quarter of 2009 and a 75% decrease from revenue of $333,115 in the second quarter of 2010.
Two platform changes in six months didn’t help, and a marked decrease in advertising revenues forced the company to suspend sales of new advertising back in March. This report marks the seventeenth consecutive quarterly loss for a company that really needs to find a way to stop the bleeding.